Bahamas Petroleum PLC (LON:BPC) said it has commenced drilling of the Perseverance 1 well, with spudding having taken place on December 20, 2020.
The AIM-listed firm said the well is expected to take 45-60 days to complete and is targeting P50 prospective oil resources of 0.77bn barrels with an upside of 1.44bn barrels.
In a statement, BPC chief executive Simon Potter said the spudding of the well was a “momentous milestone” and that the company is now “within a couple of months of understanding the scale of potential resource uplift that might be accessed within the licences: a potential uplift that is the traditional domain of the 'oil majors'”.
"More than a decade ago BPC secured several offshore hydrocarbon licences in the far-southern waters of The Bahamas. Convinced of the compelling prospectivity of those licences, the company has spent close to US$120mln bettering our technical understanding, continuing to de-risk the play, and ultimately preparing meticulously for exploration drilling.
"Our 3D seismic survey revealed structures that have the potential to contain a world class, multibillion barrel oil resource that, if present in the way we hope, could prove to be transformative - not just for our company, but for the nation and people of The Bahamas as a whole. I very much look forward to updating shareholders with results once the well has been completed. The next several weeks will be a truly exciting time for BPC", the CEO added.